This indicator uses a custom RSI algorithm which displays a modified RSI and stochastic RSI as a simple to read and color coded oscillator. When RSI turns green it signals a bullish divergence and considers the asset as overbought. When it turns red it signals a bearish divergence and considers the asset oversold.
Overbought levels at 80 and oversold levels at 20.
Displaying the RSI this way removes the hassle to manually spot for divergences in the chart. Only use this indicator in confluence with other indicators to confirm an upcoming trend.
This indicator features alarms when the indicator turns green or red.
Made a mistake in the description. This is the corrected text of course:
When RSI turns green it signals a bullish divergence and considers the asset as oversold.
When it turns red it signals a bearish divergence and considers the asset overbought.
Lollr
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@francomyoo, Would you mind sharing the code with me ? I feel like i can add something to it :)
iHaveNoseKill
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@francomyoo, +1 I would like to see what goes into this, as it looks similar to the one used in market cipher.
Lollr
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@drwholegrain, close enough :)
TT_Luke
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Hello, this indicator is very interesting. I'm wondering how RSI and Stoch RSI is plotted. Would you mind opening up the indicator for public use? I think it would be nice to make a screener with it.
When RSI turns green it signals a bullish divergence and considers the asset as oversold.
When it turns red it signals a bearish divergence and considers the asset overbought.